Altagamma, the association that promotes luxury brands producing in Italy, held the 2024 edition of its Observatory event in Milan on November 13.

This was the twenty-third edition of the event, which analyses the situation in the global luxury industry.

One headline finding from the event, based on research from analyst firm Bain & Company, is that the personal luxury goods market could finish 2024 with a fall in value of 2% year on year.

Bain said high-end consumers were reducing their spending and that younger consumers appear to be less attracted to luxury brands than previous generations.

“As the customer-base shrinks,” it said, “engaging top customers, who now have a growing share of luxury consumption, is more crucial than ever.”

Image: Gucci.